with a financial advisor and friend? After taking care of my Dad until he passed at 93, my brother and family have no contact with me because of hard feelings. The background to this is too long to go into, but the upshot is that I can't trust them to make financial/medical decision on my behalf. What is the best way to ensure my security should I become incapable of answering for myself? A trust with a CPA as financial trustee and a friend as personal trustee to make medical and personal decisions for me, or a DPOA with CPA and a Medical POA with friend for the same purpose? I've already set up a will. I fear, should I become incapable of answering for myself, that my brother - who has little conscience and who would take my savings and leave me destitute - would be given guardianship of me by the courts if my documentation wasn't set up correctly. Have gotten different advise from both CPA and unassociated attorney who specializes in wills. Also, does anyone have any advise concerning who to ask to be DPOA and medical POA? Any advise or insight will really help. Thanks to all who read this and my wishes for your good health and happiness as you continue with caregiving - something I did for our Dad for several years into his 90s. It is a challenge but one I'm now so grateful I did. Hang in there, everyone!
Friend of friend designated former pastor as executor. The guy was going to 'give' the house(700k) away to church member/contractor, to detriment of 7 named in will/trust. Guy was clueless and is still working on things after 2 years - too cheap to hire attorney or accountant. My friend's distribution checks have been rejected by credit union because he can't get the name straight. and so on. Executor has minimal money/investing smarts. Because I have real estate knowledge, I stepped my friend through what should be done, referrals + steps to get it done right. She then had to do extra work to inform clueless executor so house was not given away. Thankfully executor followed the lead to some extent and was amazed at what they got for the house. Church contractor was not interested in paying what house was worth - no surprise.
2) Will the person you designate for health care POA have the time + energy required? Does that younger person have family + parents + a job to deal with?
How will helping you impact their lives? How will it impact their relationships with spouses, children, employer/employees? Is it fair to that person you want to deisgnate?
I am in process of interviewing (geriatric) care managers. Hopefully I'll find one that I click with and can designate that company/person as my POA. and friends can cooperate + advise a care manager. I don't have a friend that I want to saddle with the responsibility, not because I don't trust them, but I recognize the toll it will take. I'd rather have them visit me + have a nice time + not increase their stress.
Provide an alternative designee. Your need/situation may come at the worst time in life for other person and may be too much to deal with.
Fiduciaries, daily money managers + CPAs can assist with money management.
And the attorney should specialize in trusts + wills.
Really think about the expertise + burdens you are going to ask others to shoulder. Provide alternatives. Perhaps include a statement that a designee hire an appropriate professional to help them through the process.